ZEELAND, Mich. , Sept. 19, 2024 /PRNewswire/ -- MillerKnoll Inc.
(NASDAQ: MLKN) today reported results for the first quarter of fiscal year 2025, which ended August 31, 2024 . Financial Highlights First Quarter Fiscal 2025 Financial Results (Unaudited) Three Months Ended (Dollars in millions, except per share data) August 31, 2024 September 2, 2023 % Chg. (13 weeks) (13 weeks) Net sales $ 861.
5 $ 917.7 (6.1) % Gross margin % 39.
0 % 39.0 % N/A Operating expenses $ 321.1 $ 317.
8 1.0 % Adjusted operating expenses * $ 286.9 $ 302.
7 (5.2) % Effective tax rate 66.2 % 24.
4 % N/A Adjusted effective tax rate * 21.5 % 24.6 % N/A (Loss) earnings per share - diluted (1) $ (0.
02) $ 0.22 N/A Adjusted earnings per share - diluted* (1) $ 0.36 $ 0.
37 (2.7) % *Items indicated represent Non-GAAP measurements; see the reconciliations of Non-GAAP financial measures and related explanations below. (1) Due to the anti-dilutive effect resulting from periods where the Company reports a net loss, the impact of potentially dilutive securities on the per share amounts has been omitted from the calculation of weighted-average common shares outstanding for diluted net loss per common share.
To our shareholders: MillerKnoll finished the first quarter with momentum and order growth. Demand is improving and our Contract business is seeing the return of larger projects in the Americas and Asia . Customers are also requesting shipment dates on new orders further into the future, on average, compared to previou.